Capitol Crude: The US Oil Policy Podcast

Rich in reserves, Venezuela struggles to manage its oil wealth

October 31, 2016 (18:01 mins)

Brian Scheid and Meghan Gordon

Venezuela has more proven crude oil reserves than any other country, yet hundreds of thousands of people are unable to buy necessities and are marching in the streets of Caracas. Senior oil editors Meghan Gordon and Brian Scheid talk with Raúl Gallegos, senior analyst with Control Risk and author of "Crude Nation: How Oil Riches Ruined Venezuela" to put the current political turmoil into context with the country's history.

Gallegos looks at the country's rocky relationship with oil wealth, the chances of a default by state-owned PDVSA and how Venezuela's economic woes fit into the OPEC supply picture.

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